front 1 Which best describes a traditional economy? | back 1 The 3 questions are decided by custom and habit |
front 2 3 questions economic systems must answer: | back 2 what is produced, how is it produced, who gets it |
front 3 major problem with command systems | back 3 fail to provide incentives to work hard, fail to provide freedom of choice to consumers, produce goods/services inefficiently. |
front 4 trade offs are unnecessary when... | back 4 consuming free goods |
front 5 Laissez-faire is associated with... | back 5 a pure free market |
front 6 Which is not a synonym of a free market economy? | back 6 mixed |
front 7 You study for 3 hours and get an A on the exam. What is not an oppurtunity cost? | back 7 the satisfaction from receiving the A |
front 8 A production Possibility Curve shows.. | back 8 trade-offs that are made in the production of possible goods. |
front 9 Adam Smith's "invisible hand" claims that when people pursue their own self interest........ | back 9 their actions create the most social good |
front 10 Financial capital includes | back 10 the money in your savings account |